Keith Hennesy suggested this as a policy in response to the oil spill.
Require that all deepwater wells have a relief well in place before production begins.
Mandate requirements for double piping and a list of other industry engineering best practices. The prior best practice for engineering safety becomes the legally mandated minimum.
Mandate that each deepwater drilling operation be insured for at least $20 B of environmental damage before production can begin. Insurers will therefore require further engineering stringency to protect themselves.
Raise the legal liability cap for any drilling platform to $50 B, just to be safe.
All new wells must meet all of the above requirements, and all existing wells must cease production until they meet them. (The details here might need some work.)
He argues it would be universally accepted. Given the Joe Barton blow-up, I doubt that.